Flutterwave has denied reports that it is set to receive a $75 million investment from the Nigerian government, distancing itself from claims that emerged after a now-deleted social media post from the presidency.
The company also said reported fundraising plans was inaccurate.
“We’d like to clarify that the information circulating is inaccurate, including the reported $250 million figure,” the company said in a statement to Techpoint Africa. “Flutterwave is not in any way close to an IPO, and they have made no announcements regarding a listing or fundraising tied to an IPO as described.”
The clarification follows a post published on Monday by Dada Olusegun, special assistant to President Bola Ahmed Tinubu on social media, which claimed the president had approved a $75 million capital injection into the fintech firm.
“President Bola Ahmed Tinubu has given approval for the investment of $75 million in Flutterwave, as plans for the deal move closer to completion,” the post read.
The claim was quickly amplified by several Nigerian media outlets, including BusinessDay, TheCable and Nairametrics, framing it as a potentially significant policy shift—direct federal government participation in a high-growth private technology company.
However, the post was later deleted, and no formal clarification has been issued by the presidency as of the time of filing.
The now-disputed report had suggested the investment—valued at roughly ₦100.7 billion at the official exchange rate—would form part of a broader $250 million raise ahead of a potential initial public offering. Flutterwave, last valued at over $3 billion following its 2022 funding round, has previously signalled interest in a public listing, including on the Nigerian Exchange.
The company’s denial introduces further uncertainty around the episode, raising questions about whether the original claim was premature, inaccurate, or reflected internal discussions that were not finalised.
The development also highlights the sensitivity of potential state-backed investments in private startups. Direct equity participation by the federal government in a venture-backed fintech firm would be unusual and likely to attract scrutiny over governance, valuation, and the use of public funds—particularly amid ongoing fiscal constraints.
Public reaction has reflected some of that concern. One user on X questioned the rationale for government involvement, noting Flutterwave’s existing investor base and scale.
“It already has Visa, Mastercard, and Tiger Global on its cap table. It just processed over $40B in payments and got a banking licence,” the user wrote. “So the question is simple, if the biggest investors in the world are already backing this company, why does the Nigerian government need to put $75M of public money into it?”
The presidency has previously indicated support for Nigeria’s fintech sector. In 2025, Tinubu said his administration would back companies building payment infrastructure across Africa, positioning the sector as central to digital economic growth. Government officials have also held discussions with Flutterwave on potential collaboration through the Ministry of Finance Incorporated.
Still, a distinction remains between policy support and direct investment—making the now-deleted announcement, and Flutterwave’s subsequent denial, a notable episode in the evolving relationship between government and Nigeria’s tech ecosystem.
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